China: It's Not My Dog
Mary Anne Simpson
March 03, 2007
Some events this week ending on March 2, 2007 begs the question, "Does your dog bite?" The Chinese New Year concludes with the Lantern Festival, and the world financial markets, political and media circles are all a flutter. A sell off in the Shanghai Market overnight brought a "Topsy Turvy" sell off Tuesday on Wall Street. And the ride began and ended with a question mark.
Financial impacts around the globe were felt. The Hong Kong exchange witnessed increases to their already huge percentage gains over the past year. Then like everyone else had negative numbers in the vast number of sectors, except real estate, oil and coal products.
Despite assurances during the week that the U.S. economy is strong and versatile at present, a sense of ennui permeated the market place. Questions of foreign investment in U.S. debt took center stage even though the Chairman of the Federal Reserve assured Congress on Wednesday, "it's a good thing." China owns about five percent of the U.S. debt in the form of low interest treasuries.
The U.S. national debt is mounting, but it is backed by a robust economy. Future costs of entitlements in 2017 and the debt combined requires some attention by Congress to make necessary changes and plans need to be made by U.S. citizens to avoid surprises. All of these facts were ever present over the past year. Also see my previous article on the issue:
The week of March 2 reminds me of the Peter Sellers sight gag which translates well in Chinese. It might behoove the English speaking "players" to learn some Chinese before casting blame and suspicion to the East.
The story goes: A man is walking down the street. He sees a huge ferocious dog on the corner. Next to the ferocious dog, the man sees a woman. He asks the woman, "Does your dog bite?" The woman responds, No my dog does not bite. The man approaches, and the dog viciously attacks him. He picks him self off the ground and says, "I thought you said your dog doesn't bite?" The woman responds, "It isn't my dog." The English and Mandarin translation of this story may be heard on Chinese Pod a fantastic learning tool which provides nuance and literal translations of the Chinese language. See: chinesepod507_B94_20070222.mp3(10.7mb).
The Chinese have their own individual set of problems presently, like preparing for the 2008 Olympics in Beijing. There are differences of opinions between some of their own neighbors and their entrance into the world's exchanges is novel. Even though they have been trading for thousands of years.
China has only recently emerged from the most tyrannical and protectionist form of government ever instituted. Their emergence into the world comes slowly and with a desire to maintain their autonomy. China as a give and take player is a work in progress. Their current leadership is cognizant of their role in world affairs and their intercession in dealing with volatile hot spots in the East has proven their diplomatic value to the world at large.
China has trillions in the bank. While the West wants greater assurances on the value of their currencies and other internal Chinese affairs, China has done nothing more than any other country in protecting its own interests. China has accommodated the West's entrepreneurial spirit all within the boundaries of the law.
Are there labor/management problems in these new emerging market? Sure. Can inhumane work practices be resolved? Sure. Will the U.S. and other nations be willing to ensure the federal minimum wage for emerging market workers? Probably not. Otherwise, the free wheeling entrepreneurs would simply stay home.
In conclusion, it seems we should frame the questions with exactitude and be circumspect in assigning blame around the globe. We should learn the nuances of language and the individual concerns of our neighbors around the globe. Most importantly, we need to cautious and recognize the role we play and the benefits we derive from the "others."
Financial impacts around the globe were felt. The Hong Kong exchange witnessed increases to their already huge percentage gains over the past year. Then like everyone else had negative numbers in the vast number of sectors, except real estate, oil and coal products.
Despite assurances during the week that the U.S. economy is strong and versatile at present, a sense of ennui permeated the market place. Questions of foreign investment in U.S. debt took center stage even though the Chairman of the Federal Reserve assured Congress on Wednesday, "it's a good thing." China owns about five percent of the U.S. debt in the form of low interest treasuries.
The U.S. national debt is mounting, but it is backed by a robust economy. Future costs of entitlements in 2017 and the debt combined requires some attention by Congress to make necessary changes and plans need to be made by U.S. citizens to avoid surprises. All of these facts were ever present over the past year. Also see my previous article on the issue:
The week of March 2 reminds me of the Peter Sellers sight gag which translates well in Chinese. It might behoove the English speaking "players" to learn some Chinese before casting blame and suspicion to the East.
The story goes: A man is walking down the street. He sees a huge ferocious dog on the corner. Next to the ferocious dog, the man sees a woman. He asks the woman, "Does your dog bite?" The woman responds, No my dog does not bite. The man approaches, and the dog viciously attacks him. He picks him self off the ground and says, "I thought you said your dog doesn't bite?" The woman responds, "It isn't my dog." The English and Mandarin translation of this story may be heard on Chinese Pod a fantastic learning tool which provides nuance and literal translations of the Chinese language. See: chinesepod507_B94_20070222.mp3(10.7mb).
The Chinese have their own individual set of problems presently, like preparing for the 2008 Olympics in Beijing. There are differences of opinions between some of their own neighbors and their entrance into the world's exchanges is novel. Even though they have been trading for thousands of years.
China has only recently emerged from the most tyrannical and protectionist form of government ever instituted. Their emergence into the world comes slowly and with a desire to maintain their autonomy. China as a give and take player is a work in progress. Their current leadership is cognizant of their role in world affairs and their intercession in dealing with volatile hot spots in the East has proven their diplomatic value to the world at large.
China has trillions in the bank. While the West wants greater assurances on the value of their currencies and other internal Chinese affairs, China has done nothing more than any other country in protecting its own interests. China has accommodated the West's entrepreneurial spirit all within the boundaries of the law.
Are there labor/management problems in these new emerging market? Sure. Can inhumane work practices be resolved? Sure. Will the U.S. and other nations be willing to ensure the federal minimum wage for emerging market workers? Probably not. Otherwise, the free wheeling entrepreneurs would simply stay home.
In conclusion, it seems we should frame the questions with exactitude and be circumspect in assigning blame around the globe. We should learn the nuances of language and the individual concerns of our neighbors around the globe. Most importantly, we need to cautious and recognize the role we play and the benefits we derive from the "others."
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